Photo courtesy of JLL
The visual centerpiece of Union Square’s overhaul has landed permanent financing via JLL and a major insurance firm.
Northwestern Mutual provided a $125 million mortgage for the Prospect Union Square complex, sometimes called “the bacon building” by locals for its ochre-and-tan striped cladding, at 20-50 Prospect St. according to a Middlesex registry filing. The developer is a joint venture between affiliates of Magellan Development Group, RAS Union Square Development LLC, Cypress Equity Investments and Affinius Capital.
The building is adjacent to the new MBTA Union Square Station on the Green Line and in close proximity to Kendall Square and Downtown Boston. The 450-unit residential property delivered in 2023 and spans 1.25 acres.
Prospect Union Square includes a 25-story high-rise tower and a 6-story mid-rise tower, offering studios, one-, two- and three-bedroom units, with 90 designated as affordable. Prospect Union Square also provides 18,264 square feet of available retail space and has community amenities like an outdoor pool, a courtyard, a fitness center and an indoor dog run.
The JLL Capital Markets team representing the borrower was led by senior managing directors Danny Kaufman and Brett Paulsrud along with director Madeline Joyce and analyst Ali Howard.
The building, along with a neighboring lab property, is intended as the first phase in a multi-year redevelopment of Union Square anchored by life science real estate. However, forward progress has slowed considerably since the Greater Boston biotech real estate market stalled in 2022.
